|Korea's ranking in global competitiveness rose by two notches this year thanks to macroeconomic stability and a high level of information technology, according to a report. Gettyimagesbank|
South Korea's ranking in global competitiveness rose by two notches this year due to macroeconomic stability and a high level of information technology, a report showed Wednesday.
Asia's fourth-largest economy ranked 13th out of 141 countries surveyed in the World Economic Forum (WEF) competitiveness index in 2019, up from 15th the previous year.
South Korea topped the list in macroeconomic stability and adoption of information and communications technology, which included the number of mobile phone subscriptions and fixed-broadband internet subscriptions.
The Geneva-based forum said this year's gains were tempered due in part to the country's rigid labor market.
South Korea's rankings in terms of basic requirements that measure its institutions and infrastructure came in at 26th and sixth place, respectively.
South Korea stood at eighth and 27th in terms of health and skills, with the rankings for product market, labor market, financial system and market size being 59th, 51st, 18th and 14th, respectively, the report showed. (Yonhap)